As a business owner, it’s important that you understand as much as you can about a commercial insurance claim. Your financial staff, attorney, and general contractor will also have experience and resources available to advise you here. It is important to stay on top of the latest updates, such as the changes that came about lately concerning mold, bacterial, and fungal growth, and the restrictions for claims in that area, for example.
You must notify your insurer of any accidents or claims right away so that you will qualify for coverage under a commercial insurance policy. These will include fires, auto and truck accidents, theft, weather damage, and third party injuries.
Report all property incidents involving a crime to local law enforcement. Many commercial property policies will state that you must take this step to obtain coverage.
Your insurance professional will be able to explain the process for submitting a claim and will collect the needed information from you to prepare the claim form, which is then sent to the insurer. Your agent will provide you with a timeline on the process upon request. Once the claim is received by your insurer, they will assign an adjuster to your case, and they will request proof of loss. Upon sending your adjuster the completed form, you will also want to include all relevant photo or video proof.
Don’t delay the repair of critical damage. Get estimates of repair costs from a reputable contractor as soon as possible. It’s always a good idea to obtain two or three estimates if you can. Check references and talk to fellow business owners to find someone you can trust, with a good reputation in the community.
You may want to hire a lawyer who is knowledgeable in insurance and who can prepare a claims package for your insurer. He or she may be able to facilitate the claims process, as well as assist in any disputes that could arise with the insurer.
If you experience an event in your business that requires you to file a commercial insurance claim, Ascension General Contractors is here to help.